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Dec 1, 2012
12/12
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if taxes only mean the tax, the income tax portion of tax burden for four fifths of the country, you're talking about something that doesn't matter that much. and in a democracy, you cannot be a successful party if you talk about things that don't matter that much to four fifths of the country. >> all right, your paycheck, your investment, your home, they may all be taxed a bit differently next year. that's if law makers can decide on a plan to avoid the fiscal cliff. so coming up next, i'm going to talk about a deduction that america loves, you probably love, but might be taken away. [ male announcer ] this is bob, a regular guy with an irregular heartbeat. the usual, bob? not today. [ male announcer ] bob has afib: atrial fibrillation not caused by a heart valve problem, a condition that puts him at greater risk for a stroke. [ gps ] turn left. i don't think so. [ male announcer ] for years, bob took warfarin, and made a monthly trip to the clinic to get his blood tested. but not anymore. bob's doctor recommended a different option: once-a-day xarelto®. xarelto® is the first and onl
if taxes only mean the tax, the income tax portion of tax burden for four fifths of the country, you're talking about something that doesn't matter that much. and in a democracy, you cannot be a successful party if you talk about things that don't matter that much to four fifths of the country. >> all right, your paycheck, your investment, your home, they may all be taxed a bit differently next year. that's if law makers can decide on a plan to avoid the fiscal cliff. so coming up next,...
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Dec 6, 2012
12/12
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pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being the expiration of the bush tax cuts at the end of this year. to some extent, now they're getting to the real deadline and it is more serious. host: have you written one of the, if we go over the cliff, this is what happens-type article? guest: yes. people would probably start feeling it in their paychecks pretty quickly. never mind what it means to the broader economy. it will hit. it will hurt a lot of people. if we did not change the law and it went one month, two months, three months, it could lead to another recession because there be such a sharp drop in people's incomes and it would be s
pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being...
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Nov 30, 2012
11/12
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there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. rainout it is a complicated mess -- right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim from twitter says -- guest: absolutely. a lot of these credits and deductions, the standard deduction exceeds what you would get, that you just take that. host: the specific credits we have been talking about prompt a question from cindy. guest: yes. you generally have to be working are working outside the home. host: is there an hour requirements? guest: there are a lot of specific requirements. host: kay from richmond, virginia. caller: if somebody is working as hard as they can and making less than $50,000 a yea
there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. rainout it is a complicated mess -- right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that...
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Dec 4, 2012
12/12
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taxes? guest: i don't think so. i think keeping tax rate with a r is the real question. you can increase revenue without increasing tax rates. honestly, just a more efficient system redistributing investments toward things that generate economic growth. that is something that paul ryan has been a leading advocate of. yeah, i think this is a really smart and good proposal by the speaker, and i was very pleased to see every republican sign off on it. it was not just his name. i hope the white house understands there is unity at the republican leadership table. host: here is a copy of the letter sent to the white house with the signatures of the leadership team including paul ryan. a lot of our callers have talked about the lack of details in this proposal then back which loopholes or deductions do you get rid of? guest: there is an interesting debate and discussion on that. that is for the negotiators. the easiest way to do it would be to cap the dollar amount and let the individual pick and c
taxes? guest: i don't think so. i think keeping tax rate with a r is the real question. you can increase revenue without increasing tax rates. honestly, just a more efficient system redistributing investments toward things that generate economic growth. that is something that paul ryan has been a leading advocate of. yeah, i think this is a really smart and good proposal by the speaker, and i was very pleased to see every republican sign off on it. it was not just his name. i hope the white...
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Nov 29, 2012
11/12
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then personal income taxes. then taxes on consumption, and taxes on property. most of these find that taxes on consumption -- the closest thing we have on the federal level is the payroll tax -- would have no direct tax on consumption like every other country in the oecd. that is a consumption tax. many economists and they oecd find that those taxes have no relationship with economic growth. it is the taxes it -- it is not the taxes on consumption that hard economic growth. host: this is part of a continuing series on "washington journal" focusing on a fiscal cliff. our conversation has broadened. to bring it back to the payroll tax cut and remind you it was enacted in december of 2010, designed to temporarily boost the economy and reduce the tax to% from 6.2% to 4.2% and increased take-home pay about an average of $1,000 to $1,800 per worker. it expires at the end of the year, rates will revert back to 6.2%. if you make $35,000 or so, that will be an extra $700 in taxes. the $2,000, an extra thousand dollars. 75,000, $1,500. finally, $110,000, the upper limit
then personal income taxes. then taxes on consumption, and taxes on property. most of these find that taxes on consumption -- the closest thing we have on the federal level is the payroll tax -- would have no direct tax on consumption like every other country in the oecd. that is a consumption tax. many economists and they oecd find that those taxes have no relationship with economic growth. it is the taxes it -- it is not the taxes on consumption that hard economic growth. host: this is part...
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Dec 4, 2012
12/12
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the most supply side oriented tax of all is the tax on risk and wealth, namely capital gains tax, risk wealth high risk stock investment. every time the capital gains tax rate is cut, revenues soar as they did under bill clinton. in fact, president obama was asked this in a tv interview during the campaign and he said i know that's what the numbers show but i still want to raise the top rates. if ever there's a supply side tax rates where lower rates produce higher rates it's capital gains. >> that's right. people start taking gains and hold on to what they have. that means capital is not put to work. in the early 1990s the economy was starting to get a real head of steam. not enough to save george h.w. bush but that slowed in '93 and '94. when republicans came in, cut spending, killed hilary care and alan greenspan had a sensible monetary policy, the economy started to recover and then clinton got the religion, he cut capital gains. >> steve is giving your man all these kudos and you're not taking them. >> two things first, larry, didn't president reagan raise the capital gains tax ra
the most supply side oriented tax of all is the tax on risk and wealth, namely capital gains tax, risk wealth high risk stock investment. every time the capital gains tax rate is cut, revenues soar as they did under bill clinton. in fact, president obama was asked this in a tv interview during the campaign and he said i know that's what the numbers show but i still want to raise the top rates. if ever there's a supply side tax rates where lower rates produce higher rates it's capital gains....
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Dec 1, 2012
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the fact of the matter is, our tax is a high tax state even though i did cut taxes. our unemployment rate never went much over 6.5%. it has been consistently much below the nation's unemployment rate the entire time. secondly, what you're seeing in wall street today is short-term behavior. bill clinton's tax rates, what we're going back to if we go down the fiscal slope, had no negative effect in the economy. in fact the economy was a whole lot better when bill clinton was president than it was under george bush or barack obama. so i think your case is good in the short term, not so good in the long term. i think the best way to restore confidence in wall street in the long term would be to show we're serious about the deficit. i don't think any deal they strike will be as serious about the deficit as this fiscal slope. >> i just think that era, you're right. the economy boomd especially in the mid 1990s and late 1990s. i don't think it did so well a couple years after bill clinton raised taxes. that's one of the reasons 1994 republicans had the biggest election they
the fact of the matter is, our tax is a high tax state even though i did cut taxes. our unemployment rate never went much over 6.5%. it has been consistently much below the nation's unemployment rate the entire time. secondly, what you're seeing in wall street today is short-term behavior. bill clinton's tax rates, what we're going back to if we go down the fiscal slope, had no negative effect in the economy. in fact the economy was a whole lot better when bill clinton was president than it was...
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Dec 3, 2012
12/12
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and dividend taxes are not a rich tax. nor a capital gains. you're talking about pension funds, 401(k) plans, invest in companies that pay dividends. if you're expecting a dividend tax to go from 15% to 44% that, completely removes the opportunity or the incentive to buy dividend paying companies. and that's going to hurt not just the rich. that's going to hurt everybody if we see that. that's very dangerous, and it would create a massive selloff. >> one of the things that the president has done, going to congress and said, going out and encouraging people to tweet and post on facebook my 2k, meaning the $2,000 they would get in the extended tax breaks for the middle class. but he is also meeting privately with ceos. he has a bad relationship with wall street and with corporate america generally. he has presented much of this plan. what's the feedback he's getting? >> there will be a big recession if you don't get behind him. i'm finding many republican ceos -- by the way, most ceos are republican. they are on board. they are not on board with
and dividend taxes are not a rich tax. nor a capital gains. you're talking about pension funds, 401(k) plans, invest in companies that pay dividends. if you're expecting a dividend tax to go from 15% to 44% that, completely removes the opportunity or the incentive to buy dividend paying companies. and that's going to hurt not just the rich. that's going to hurt everybody if we see that. that's very dangerous, and it would create a massive selloff. >> one of the things that the president...
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Dec 5, 2012
12/12
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on another tax problem, tax fund, yes cut through all the jews rate against -- [inaudible] but surely it needs to be more robust. if it is going to be a meaningful priority, let's say to coordinate against corporate tax conjuring, surely has to start a reason to think the controls -- that he made in the last budget. >> first of all can i thank him for the support he has given for the decision to provide ultrafast broadband, and i want to congratulate the city for a very, very good did which competed against other bids across the uk. he's also right to say that we are helping the northern islands energy sector with decisions on the carbon price which i detest a semi-statement to announce but are in the book. am glad he acknowledges those. any more broadly what i would say to him is northern ireland will benefit, the rest of uk will benefit when we help people and work hard and want to get on with doing that with personal allowance, when we help people who are small businesses with fuel duty, we're doing all these things making sure they are outlined to the northern ireland's. >> with i
on another tax problem, tax fund, yes cut through all the jews rate against -- [inaudible] but surely it needs to be more robust. if it is going to be a meaningful priority, let's say to coordinate against corporate tax conjuring, surely has to start a reason to think the controls -- that he made in the last budget. >> first of all can i thank him for the support he has given for the decision to provide ultrafast broadband, and i want to congratulate the city for a very, very good did...
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Nov 30, 2012
11/12
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the social security payroll tax. there is a tax increase in january. unless someone steps up and says wait a second, we are getting everyone else a tax break and let social security tax go up 2%. >> bret: winners and losers? >> bill kristol is turning in to a socialist. [ laughter ] >> family tradition. way back. >> secretary of the treasury sitting right over there. workers, champion. the winner mahmoud abbas locally because he outshone hamas on this even though the victory he won in the u.n. was pyraquan. loser speaker of the house john boehner. he offered the president a peace pipe and got in return a demand that he turned over his sword, his shirt and at the end his trousers. that is a rather embarrassing position for the speaker. >> bret: he will be asked about it on "fox news sunday" with chris wallace. that is it for the panel. but stay tuned to see one thing congress did accomplish today. victor! victor! i got your campbell's chunky soup. mom? who's mom? i'm the giants mascot. the giants don't have a mascot! ohhh! eat up! new jammin jerk chicke
the social security payroll tax. there is a tax increase in january. unless someone steps up and says wait a second, we are getting everyone else a tax break and let social security tax go up 2%. >> bret: winners and losers? >> bill kristol is turning in to a socialist. [ laughter ] >> family tradition. way back. >> secretary of the treasury sitting right over there. workers, champion. the winner mahmoud abbas locally because he outshone hamas on this even though the...
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Dec 5, 2012
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tax liability. , in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that >> host: here is diane and linda burrough, new hampshire. democratic caller, go ahead. >> caller: good morning. i'm fascinated to hear about the alternative minimum tax. it kills me every year. i am a small-business owner and the income fluctuates year-to-year. i could make maybe $80,000.1 year, $60,000 for next year. the next or i may make 45. every year i cannot possibly determine what the amt is going to be. a second mls return here. i made $60,000 i had amt $1700, a piggyback. could you please talk about this because i don't consider making $80,000 as a single person in pain or 10% of my social security and all other costs to be a lot of money. >> host: i don't disagree with you at all. the amt is not what you would have deliberately designed as a way to compute your federal income tax. it is the com
tax liability. , in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that >> host: here is diane and linda burrough, new hampshire. democratic caller, go ahead. >> caller: good morning. i'm fascinated to hear about the alternative minimum tax. it kills me every year. i am a small-business owner and the income fluctuates year-to-year. i could make maybe...
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Nov 29, 2012
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own taxes. it's a sham and they ought to be rolled out of town if people understand what they were talking about. >> if people are worried about how they're going to take care of the homeless, how schools will be able to accommodate 30 kids in the class rom how people will be able to make ends meet when unemployment disappears. they can't be here. they can't afford it. they come here and write it off in their taxes, $20 million a year ceos from these corporations, and continue to spread the hysteria and--and if their plan goes through, the austerity plan, they and their company and their bonuses are actually the only thing that is going to improve in this economy. >> eliot: as they have over the past couple of years. income disparity is worse and worse and incomes are going up. lloyd blankfein telling people that they people should not expect to work for 25 years and then retire for 30. i don't think he understands what social security is all about. >>> the hispanic caucus said no today on a rep
own taxes. it's a sham and they ought to be rolled out of town if people understand what they were talking about. >> if people are worried about how they're going to take care of the homeless, how schools will be able to accommodate 30 kids in the class rom how people will be able to make ends meet when unemployment disappears. they can't be here. they can't afford it. they come here and write it off in their taxes, $20 million a year ceos from these corporations, and continue to spread...
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Dec 5, 2012
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tax bill only changed the name of the tax i paid. i got little benefit from the rate ofin my opinion, the expand on tax has nothing to do with the action of indexing. it is the result of the conscious decision to hike the cost of tax reductions. >> the alternative minimum tax is 28%. if your tax rate was lowered to 25%. you still have to pay 28%. >> that is correct. for incomes between to london thousand dollars and $500,000, the effective tax rate is 35%. you hit the 35% rate and incomes fire lower than the income levels at which you would hit the 35% rate and regular tax. >> why do they call it a patch? >> it is a one time year by year patch to stop the broad expansion. you could ask why they call it a cliff. they have discussed this in terms of the patch. it is a year by year increase in the exemptions. the patches nothing but the increase in the a in the exemption to prevent tens of millions of people from being forced to fill up the return you have. the only thing i would add is the package, what makes this so critical in the fi
tax bill only changed the name of the tax i paid. i got little benefit from the rate ofin my opinion, the expand on tax has nothing to do with the action of indexing. it is the result of the conscious decision to hike the cost of tax reductions. >> the alternative minimum tax is 28%. if your tax rate was lowered to 25%. you still have to pay 28%. >> that is correct. for incomes between to london thousand dollars and $500,000, the effective tax rate is 35%. you hit the 35% rate and...
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Dec 5, 2012
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host: the estate tax or the capital gains tax? guest: the estate tax. asset, you payn capital gains. guest: right. host: we have this comment on twitter from james. guest: corporations would say the businesses are already being taxed. folk should not be taxed for investing in their business. host: double taxation. guest: that is the argument. when people die, they are being taxed again. that is the essence of the argument against the estate tax. host: can you start over? caller: a quick question about the comments of the 401(k). i used to work for a cpa firm. i understand they are income tax deferred instruments. when you take it out, the tax you pay is income tax. the assumption is the rate would be lower. let's say the rate is 25% when you retire. that is higher than the current cap gains tax rate. ordoes not apply to 401(k)'s any other income tax deferred instrument. when you take them out, you pay taxes on them. guest: that is correct. you pay income tax and presumably when you retire, you are at a lower tax rate and that is the advantage. it is a s
host: the estate tax or the capital gains tax? guest: the estate tax. asset, you payn capital gains. guest: right. host: we have this comment on twitter from james. guest: corporations would say the businesses are already being taxed. folk should not be taxed for investing in their business. host: double taxation. guest: that is the argument. when people die, they are being taxed again. that is the essence of the argument against the estate tax. host: can you start over? caller: a quick...
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Dec 7, 2012
12/12
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the last thing i would say, we're talking about taxes and point. tax reform is spending cuts. there is no difference. if i give you a mortgage check. no difference. you can treated as a tax or spending andfrom an economic perspective, they are one in the same thing. when we do tax reform, from an economic perspective,that is a spending cut. >> i do not have anymore questions. unless the vice chairman does. >> looking at our global competitors who find themselves in financial crisis showed more than 20 times in nine different countries, those countries cut what they owed in their spending time. they did that because their cuts were large, credible, politically difficult to reverse. believable. it created the confidence to grow an economy. it was proven over and over again. that is the model for this fiscal cliff discussion, making both the cuts and the reforms that are real and credible and politically difficult to reverse. send. it is the right signal to send to investors that we're serious about getting our financial house in order. i hope was that we do that. chairman, thank
the last thing i would say, we're talking about taxes and point. tax reform is spending cuts. there is no difference. if i give you a mortgage check. no difference. you can treated as a tax or spending andfrom an economic perspective, they are one in the same thing. when we do tax reform, from an economic perspective,that is a spending cut. >> i do not have anymore questions. unless the vice chairman does. >> looking at our global competitors who find themselves in financial crisis...
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Dec 7, 2012
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pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being the expiration of the bush tax cuts at the end of this year. to some extent, now they're getting to the real deadline and it is more serious. host: have you written one of the, if we go over the cliff, this is what happens-type article? guest: yes. people would probably start feeling it in their paychecks pretty quickly. never mind what it means to the broader economy. it will hit. it will hurt a lot of people. if we did not change the law and it went one month, two months, three months, it could lead to another recession because there be such a sharp drop in people's incomes and it would be s
pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being...
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avoidance if it looks like tax avoidance and it smells like tax avoidance is tax avoidance and we can have a broad principle that rules out because otherwise what the companies warn they want this thing called a regulation which is just another way where they can hire expensive accountants to get around the law and then siphon their money their ended their in here and there we don't want that we need just have a one very simple rule that says tax avoidance no way no in this country and yeah i'd also like to come down on tax havens as well internationally that's really important so we don't have a race to the bottom so the corporations think they can go wherever they like basically right now in the case of starbucks of course the boycott is a very potent weapon because it's a retail company. it's not an institutional business to business massive computer company listed like an i.b.m. or something starbucks is directly with the public so a boycott really cuts into their revenues and for that reason it can be a very effective means to get the company's attention have you given any though
avoidance if it looks like tax avoidance and it smells like tax avoidance is tax avoidance and we can have a broad principle that rules out because otherwise what the companies warn they want this thing called a regulation which is just another way where they can hire expensive accountants to get around the law and then siphon their money their ended their in here and there we don't want that we need just have a one very simple rule that says tax avoidance no way no in this country and yeah i'd...
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Dec 2, 2012
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it's taxes. taxes. okay, you can say taxes. when you separate taxes from revenue, we are going to raise revenue, not taxes, you get strange things, it seems. there's all sorts of privatization. take the highway, we are going to sell it to you. lease it back and get a one-time payment from that. this is something that's happening right now in baltimore that i think is pretty fascinating. take a look. >> i thought it was idiotic. why do we want to look like nascar? look like a bus going down the street. after the shock wore off, this shows how far we have to go to think outside of the box. >> reporter: chicago sold ad space on iconic bridges to bank of america. philadelphia rented out a transitation to at&t. brazil indiana let kfc advertise on fire hydrants. >> baltimore, in case that wasn't there, they are selling ad space on fire trucks. were you tempted? was there anything you were thinking of putting up on the auction block? >> we are not purists. you know, you see things get named from time-to-time. those are extremes. those
it's taxes. taxes. okay, you can say taxes. when you separate taxes from revenue, we are going to raise revenue, not taxes, you get strange things, it seems. there's all sorts of privatization. take the highway, we are going to sell it to you. lease it back and get a one-time payment from that. this is something that's happening right now in baltimore that i think is pretty fascinating. take a look. >> i thought it was idiotic. why do we want to look like nascar? look like a bus going...
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so, there -- don't republicans have a gripe that he is kind of skewed in favor of taxes, taxes, taxes? >> i'm not going to play a pun it hire, our purpose in coming to washington a group of three democrats and three republican governors to make sure that perspective of the governors is heard. we you know meeting with the president today was very productive. he -- >> how? how it was productive? what did he agree to? >> look, we didn't come to support his plan or the republican plan. i think -- >> why did the come? why? >> we came because as these conversations are going on. we want to make sure that perspective of the governors is heard, the fact that states are partners with federal government across a whole range of programs, and answer is not just a shift of cost to state, you don't -- just because you move money off federal budget does not mean you are safe figure money is picked up by the state. we talk about importance of flexibility in terms of some state programs. and president was open to that. neil: you run one of the most i guess for lack of a better term, one of the more in
so, there -- don't republicans have a gripe that he is kind of skewed in favor of taxes, taxes, taxes? >> i'm not going to play a pun it hire, our purpose in coming to washington a group of three democrats and three republican governors to make sure that perspective of the governors is heard. we you know meeting with the president today was very productive. he -- >> how? how it was productive? what did he agree to? >> look, we didn't come to support his plan or the republican...
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Dec 5, 2012
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tax. every state around hampshire had one or the other. in the 1960's, and every state added another one, either the sales tax or the income tax. within hesitation of their people that the other tax would come out and the revenue would be used because it will be more effective in collecting it. every one of those states, the revenues have gone down, the income tax has gone up, and the size of government has gone up. from my standpoint, a value- added tax is just a way to grossly expand the size of the government, and it does not fix our revenue problems. more importantly than that, just the point where i think this argument ends up, the american people would annihilate any party that passed a national sales tax rate. if the democratic party thinks they are in charge now, and they are, and the republican party has done some things to marginalize itself, but if you want to resurrect a republican party, give me a value-added tax. >> let's take the value-added tax off the table for this the se
tax. every state around hampshire had one or the other. in the 1960's, and every state added another one, either the sales tax or the income tax. within hesitation of their people that the other tax would come out and the revenue would be used because it will be more effective in collecting it. every one of those states, the revenues have gone down, the income tax has gone up, and the size of government has gone up. from my standpoint, a value- added tax is just a way to grossly expand the size...
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adding tax hikes on dividends and capital gains. the white house wants 50 billion in new spending next year alone in a long-term deal that is supposed to be about cutting spending. >> not even $400 billion in cuts and they want to have this extra spending that is actually greater than the amount theye willing to cut. it was not a serious proposal. >> the president may have the upper hand because the fiscal cliff tops allow him to back the opposition into a corner by framing this as republicans raising taxes. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st. that is sort of like a lump of coal you get for christmas. >> congressional democrats operating like they don't have to compromise on spending or taxes. >> elections have consequences. the president campaigned, made it very clear. made very clear thathe was supporting tax cuts for the middle-class, that he wanted the expiration of the tax cuts for the high end. >> very little progress among the inside player so fa
adding tax hikes on dividends and capital gains. the white house wants 50 billion in new spending next year alone in a long-term deal that is supposed to be about cutting spending. >> not even $400 billion in cuts and they want to have this extra spending that is actually greater than the amount theye willing to cut. it was not a serious proposal. >> the president may have the upper hand because the fiscal cliff tops allow him to back the opposition into a corner by framing this as...
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or taxes might be taxed. and there is a principle involved. is there a principle or bloody minded news. we shall not pay anymore taxes ever. >> at some point there is just too much tax. we are a long way from that. let's look at earned income tax. they are lower now. all president obama is doing is saying let's go from 35% to 39.6% the same as it was under president clinton the economy did very well and it is more than just a drop in the bucket. just raising rates on people making over $250,000 would be a trillion dollar over the next ten years. >> $1 trillion is not to be sniffed at. some broke with the leadership and urged his party to extend the tax cuts to ensure that their taxes don't go up. he has a point there. who cares. >> sure, there is a point in there, i might dispute the numbers. i would argue, as the members of my party, that we have a spending problem as opposed to a revenue problem to my friend steve's remark about the clinton tax rates that sounds great to go back to 39%. but, actually, those
or taxes might be taxed. and there is a principle involved. is there a principle or bloody minded news. we shall not pay anymore taxes ever. >> at some point there is just too much tax. we are a long way from that. let's look at earned income tax. they are lower now. all president obama is doing is saying let's go from 35% to 39.6% the same as it was under president clinton the economy did very well and it is more than just a drop in the bucket. just raising rates on people making over...
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Dec 6, 2012
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host: the estate tax or the capital gains tax? guest: the estate tax. host: if it's an asset, you pay capital gains. guest: right. host: we have this comment on twitter from james. guest: corporations would say the businesses are already being taxed. folk should not be taxed for investing in their business. host: double taxation. guest: that is the argument. when people die, they are being taxed again. that is the essence of the argument against the estate tax. host: can you start over? caller: a quick question about the comments of the 401(k). i used to work for a cpa firm. i understand they are income tax deferred instruments. when you take it out, the tax you pay is income tax. the assumption is the rate would be lower. let's say the rate is 25% when you retire. that is higher than the current cap gains tax rate. it does not apply to 401(k)'s or any other income tax deferred instrument. when you take them out, you pay taxes on them. guest: that is correct. you pay income tax and presumably when you retire, you are at a lower tax rate and that is the
host: the estate tax or the capital gains tax? guest: the estate tax. host: if it's an asset, you pay capital gains. guest: right. host: we have this comment on twitter from james. guest: corporations would say the businesses are already being taxed. folk should not be taxed for investing in their business. host: double taxation. guest: that is the argument. when people die, they are being taxed again. that is the essence of the argument against the estate tax. host: can you start over? caller:...
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Nov 30, 2012
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that is higher taxes, raising tax rates, and taxes on investment income. at least $50 million in new stimul spending in the next fiscal year alone. mind you, of course, the repubcans looking for spending ts as an offset to their agreement to raise taxes. the only spending cuts in the plan come from cutting medicare and other programs by 400 billion over the coming decade. timothy geithner also requesting the equivant of a permanent increase in the national debt limit. president obama remarkably consistent in his intent to raise taxes on the top 2% of taxpayers. half of those are small-business men and women. the entire election season, he did say a number of times since being reelected, and he's not backing off. e president and his baath insist on higher taxes for the so-called wealthy. remarkably, republicans seem surprised by secrery geithner. chief correspondent ed henry with our repor reporter: optimism faded as timothy geithner let the republicans to decle the talks are going nowhere. >> i'm disappointed. i'm disappnted in where we are and what has ha
that is higher taxes, raising tax rates, and taxes on investment income. at least $50 million in new stimul spending in the next fiscal year alone. mind you, of course, the repubcans looking for spending ts as an offset to their agreement to raise taxes. the only spending cuts in the plan come from cutting medicare and other programs by 400 billion over the coming decade. timothy geithner also requesting the equivant of a permanent increase in the national debt limit. president obama remarkably...
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anything above $2,500 will be taxed and the rest will be taxed. they are going to be playing $10,000, $12,000 more per year taxable rate to get their kids per school. >> and they're always talking about how the republicans want to destroy the study for autism. but here it is black and white in the obama. we appreciate it. it's great to see you. >> thanks for having me. >> now to the lottery frenzy. there's already a winner in this game. the government. not good. we're going to explain when "the kudlow report" comes right back. >>> if everything on the fiscal side caves, what incentive is there for tax reform in 20 13? >> ups believes congress does need to move very quickly to get this done. >> there are going to be many moments when it seems like there's a deal and then there are people who fight the deal, which is why we have been featuring the notion of rising above. >> all sides could lose if an agreement isn't arrived upon. music is a universal language. but when i was in an accident... i was worried the health care system spoke a language all
anything above $2,500 will be taxed and the rest will be taxed. they are going to be playing $10,000, $12,000 more per year taxable rate to get their kids per school. >> and they're always talking about how the republicans want to destroy the study for autism. but here it is black and white in the obama. we appreciate it. it's great to see you. >> thanks for having me. >> now to the lottery frenzy. there's already a winner in this game. the government. not good. we're going to...
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Dec 7, 2012
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taxes, you have been paid sales taxes or hidden taxes, so in the end in big states, people will be paying 60 -- a minimum of 60 cents of every dollar they make to the government. and i ask you, after every american is finished paying their fair share, how much of every dollar should they be allowed to keep, juan? and i want a direct answer. don't dodge, don't duck. what is fair? >> i don't duck. i always am straight with you, sean because i think you deserve an honest answer. number one, we are talking about federal taxation. if you want to have a argument with your county or city government, new york city and westchester county or long island go have it. >> you are not answering. >> but if you are talking about federal tax, right i'm saying to you i between between 35 and 39 is totally good. >> but that's not addressing it. wait a second. this is not a small issue. after somebody pace their federal, their state, their social security, their property, their car tax, their sales tax, after they are done giving the government their fair share, state, local, federal, what is fair? give me a
taxes, you have been paid sales taxes or hidden taxes, so in the end in big states, people will be paying 60 -- a minimum of 60 cents of every dollar they make to the government. and i ask you, after every american is finished paying their fair share, how much of every dollar should they be allowed to keep, juan? and i want a direct answer. don't dodge, don't duck. what is fair? >> i don't duck. i always am straight with you, sean because i think you deserve an honest answer. number one,...
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democrats only want to raise taxes on the top 2% and extend the bush tax cuts for everyone else. what they might agree on, cutting deductions. the middle class' most cherished tax break could be in the crosshairs of the fiscal cliff negotiations. we're talking about the mortgage interest deduction. it's been around for 99 years, but it's costing the government $80 billion this year and will reach $100 billion by 2014 making it the third largest tax expenditure according to the congressional research service. who is it really helping in the most recent irs tax data show 41 million people claim this deduction on their 2010 taxes, but the tax policy center points out it tends to benefit upper middle class families the most. for those with annual incomes of less than $40,000 a year, the average tax savings is just 91 bucks. for the people earning $250,000 a year, the annual tax savings runs about $5,500, and critics say it's not really helping to boost homeownership. going to talk to one of them in a moment. the homeownership rate in the u.s. is now about 65%. it was up near 70% duri
democrats only want to raise taxes on the top 2% and extend the bush tax cuts for everyone else. what they might agree on, cutting deductions. the middle class' most cherished tax break could be in the crosshairs of the fiscal cliff negotiations. we're talking about the mortgage interest deduction. it's been around for 99 years, but it's costing the government $80 billion this year and will reach $100 billion by 2014 making it the third largest tax expenditure according to the congressional...
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Nov 30, 2012
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it is supported by the payroll taxes. that workers and their employers pay. >> you have seen, surveys that show the direct we're going, we -- the direction we're going we have moved its trouble date up, compared to other programs, that is prestine, my only point is why not put it out there, why not put out medicare, and medicaid and everything, and for republican defense, everything, and rather than pick and choose. >> whether defense, medicare, medicaid, those are out of general revenues, they are in a defendant category. social security, does nida, just need adjustments, it should not be part of solves will deficit. neil: i think what is intrinsic. is what you are not saying. that we're missing an opportunity to address the overall rate of money coming in and money going out. if you want to leave social security alone, and just look at all of other entitlements and big spending and hear, they say focus it has to be on taxes, i'm not here is a they don't raise taxes on the rich. the elects do have consequences that is on
it is supported by the payroll taxes. that workers and their employers pay. >> you have seen, surveys that show the direct we're going, we -- the direction we're going we have moved its trouble date up, compared to other programs, that is prestine, my only point is why not put it out there, why not put out medicare, and medicaid and everything, and for republican defense, everything, and rather than pick and choose. >> whether defense, medicare, medicaid, those are out of general...
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you want to talk about paying taxes and your fair share? they're a tax-exempt 501c5 organization. where is ed asner's rage about their escaping and evading their fair share of taxes? i don't hear it. also, let's have a balance. if they're going to show this in the california classrooms, how about an eight-minute video narrated by clint eastwood or my favorite right thinking actor adam baldwin that exposes the truth about occupy and the teachers alliance? they have to make up this urinating image? well, you've got occupiers who have been pooping on police cars. show that to the school kids. >> sean: well said. michelle malkin. great points. thank you for being with us. >> you bet, take care. >>> >> sean: coming up next, liz cheney on the breaking news out of syria. the government stands ready to use sarin nerve gas on its own people. a senior firm confirmed this to fox news. >>> women in egypt are fearing for their lives as sex mobs are preying on the public. the situation is getting dispratt. where is the outrage and the support from the feminists who screamed about the so-called
you want to talk about paying taxes and your fair share? they're a tax-exempt 501c5 organization. where is ed asner's rage about their escaping and evading their fair share of taxes? i don't hear it. also, let's have a balance. if they're going to show this in the california classrooms, how about an eight-minute video narrated by clint eastwood or my favorite right thinking actor adam baldwin that exposes the truth about occupy and the teachers alliance? they have to make up this urinating...
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but you don't have to wait for the tax hikes. $317 billion in new taxes. set to kick in january 1st. and we will show you the latest tax increase brought to you by the people who created obamacare . get ready for armageddon. is america reelly headed to help? is there any way to stop the document author of after america, mark stein joins me next. ♪ ♪ lou: welcome all fundamental dishonesty at the heart of america's financial crisis. my next guest saas americans really seems of want a european size government with current american size tax rates. one or the other has got to go. we will see. joining us now, author of the best seller, get ready for armageddon. also, a recording of -- i will explain my laughter. his new holiday cd, making spirits bright available on the amazon and itunes. i am trying to think how to do it. >> the words stuck in your throat. lou: it is terrific. it is wonderful. here to prove the point, and it's ggod to have you. i wish you lots of luck. by the way, s t eyn. that's right. and i got it covered. >> that's right. why do i have
but you don't have to wait for the tax hikes. $317 billion in new taxes. set to kick in january 1st. and we will show you the latest tax increase brought to you by the people who created obamacare . get ready for armageddon. is america reelly headed to help? is there any way to stop the document author of after america, mark stein joins me next. ♪ ♪ lou: welcome all fundamental dishonesty at the heart of america's financial crisis. my next guest saas americans really seems of want a...
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Dec 4, 2012
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then you're fighting for tax cuts, not tax increases, but we'll see. and the fact of the matter is that grover is just a vessel for a bigger issue. taxes used to be -- >> he seems to be calling the shots. >> he's not calling the shots. >> last week to figure out -- last week on the media there's a lot of reporting that saxby chambliss stood up to grover or broke with him. here is what he said. let's look at that first. >> i care more about this country than i do about a 20-year-old pledge. >> do you think that grover norquist would hold a no new tax pledge that you signed 20 years ago, would he hold that against you in an upcoming re-election bid for the u.s. senate? >> well, you know, in all likelihood, yes, but i don't worry about that because i care too much about my country. i care a lot more about it than i do about grover norquist. >> well, "the washington post" reports today that five days after making those comments on television -- on radio rather, chambliss and norquist spoke on the phone. as norquist read allowed a transcript of chambliss' e
then you're fighting for tax cuts, not tax increases, but we'll see. and the fact of the matter is that grover is just a vessel for a bigger issue. taxes used to be -- >> he seems to be calling the shots. >> he's not calling the shots. >> last week to figure out -- last week on the media there's a lot of reporting that saxby chambliss stood up to grover or broke with him. here is what he said. let's look at that first. >> i care more about this country than i do about a...
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the taxes. so an american can escape somewhat but not as effectively as the british. when margaret thatcher reduced the tax we saw an explosion of enterprise and of course a wave of tax revenue came rolling in. we were able to have a debt repayment schedule and the tax emigres came back from the tax havens that remain in the british empire like bahamas and elsewhere. >>neil: john, always a pleasure, if no for other reason than your british accent is better than stuart varney's accent. thank you very much. thank you, john. in the meantime, the man who brokers some pretty night deals for lawrence taylor, what about this one between president obama and speaker boehner? and like s. or you can get out there and actually like something. the lexus december to remember sales event is on. this is the pursuit of perfection. >>neil: maybe we just got ahead of ourselves. progress is looking not so good on the budget talks with ed henry at the white house with the latest. i am confused. where are we? >>repor
the taxes. so an american can escape somewhat but not as effectively as the british. when margaret thatcher reduced the tax we saw an explosion of enterprise and of course a wave of tax revenue came rolling in. we were able to have a debt repayment schedule and the tax emigres came back from the tax havens that remain in the british empire like bahamas and elsewhere. >>neil: john, always a pleasure, if no for other reason than your british accent is better than stuart varney's accent....
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tax rates. it may be just tax rates higher for those making half a million a year, i think they'll retreat a little bit. >> i think, too, what i'd like to see the republicans do, i'd like to see them pass a bill extending tax cuts below $250,000 and everyone agrees those should be put through and then put through another bill that extends the tax cuts on those $250,000 and above and let the democrats take ownership because you know, they're going to be held responsible for the economic performance of 2013 and come 2014, you can actually get a political change that might make a difference. stuart: we'll wait and see on that one. art laffer, always a pleasure. >> bye now. stuart: the republicans submit their fiscal cliff solution. now, that plan put out by speaker boehner, includes 800 billion dollars in extra tax revenues and that would come from limiting deductions and not from higher tax rates. and there would also be 1.2 trillion dollars worth of spending cuts and the white house immediately d
tax rates. it may be just tax rates higher for those making half a million a year, i think they'll retreat a little bit. >> i think, too, what i'd like to see the republicans do, i'd like to see them pass a bill extending tax cuts below $250,000 and everyone agrees those should be put through and then put through another bill that extends the tax cuts on those $250,000 and above and let the democrats take ownership because you know, they're going to be held responsible for the economic...
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earners will pay some minimum tax, automatically a minute tax. they have some additional taxes. they want to get rid of capital gains tax that benefitted mitt romney. it's a different arrangement but a more progressive tax. >> bill, interestingly their plan suggests that tax increases should start at $422,000 instead of $250,000 that the president has set. why would that make such a difference or not so much of a difference in circumstances? >> well, martin, it would obviously hit fewer people. you know -- >> and therefore, produce less revenue. >> produce less revenue but at higher rates potentially than the president is talking about. i mean, you know, the thing is even though we feel like we are constantly hearing from bob rubin and larry somers and roger altman, a little bit of a bad penny -- >> you have heard this before. >> on the other hand, they were absolutely right. even bill krystal agrees with them. the economy boomed during the middle of the clinton two administrations when the high tax rate was at 39.6%. we had a huge expansion of p
earners will pay some minimum tax, automatically a minute tax. they have some additional taxes. they want to get rid of capital gains tax that benefitted mitt romney. it's a different arrangement but a more progressive tax. >> bill, interestingly their plan suggests that tax increases should start at $422,000 instead of $250,000 that the president has set. why would that make such a difference or not so much of a difference in circumstances? >> well, martin, it would obviously hit...
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new hampshire has no income tax, no sales tax. every state around new hampshire, the other new england states have one or the other going into the 1960's, 1970. every state around us added another one. they either added the sales tax or the income tax. with the representation to their people that the other tax would come down and revenue would be effectively used because it would be more effectively collected, especially if they used the sales tax. every one of those state, the revenues haven't gone down, they've gone up dramatically and the income tax has gone up. and the sales tax has gone up and the size of the government has gone up. so from my standpoint, a val added tax is just a way to grossly expand the size of the government. and it does not fix our revenue problems. more importantly than that, just put, where i think this argument ends up, the american people would annihilate any party that taxed -- that cast a national sales tack. the democrat party thinks they're in charge now, and they are. the republican party has do
new hampshire has no income tax, no sales tax. every state around new hampshire, the other new england states have one or the other going into the 1960's, 1970. every state around us added another one. they either added the sales tax or the income tax. with the representation to their people that the other tax would come down and revenue would be effectively used because it would be more effectively collected, especially if they used the sales tax. every one of those state, the revenues haven't...
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tax rates. congress could enact a program of tax reform that would lower rates and eliminate interest reductions. the president could open up more federal lands and offshore areas for energy exploration. his administration could take a more balanced approach to new regulations. economic growth can help solve our fiscal problems if the economy had grown at the percentage as it has done in the past. the treasury could have collected an additional 650 billion dollars in fiscal year 2012. the deficit that would have fallen. still bad, but remarkably better than where we find ourselves today. republicans stand ready to work with president obama for a balanced and bipartisan solution. so far, no evidence of that. let's create a long-term solution that does not burden individuals and gives businesses optimism to go forward and invest in the american economy. then the economy can grow for all citizens. i look forward to the testimony of our witnesses. >> thank you. i will introduce our two witnesses. dr
tax rates. congress could enact a program of tax reform that would lower rates and eliminate interest reductions. the president could open up more federal lands and offshore areas for energy exploration. his administration could take a more balanced approach to new regulations. economic growth can help solve our fiscal problems if the economy had grown at the percentage as it has done in the past. the treasury could have collected an additional 650 billion dollars in fiscal year 2012. the...
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we'll see hikes in taxs and sales tax increases and more worse is bankruptcies. we see that in stockton and san bernardino. we go to court and bankruptcy law versus pension law. you can see current services cut. tax hikes and other lousy outcomes if we don't see reforms. >> you admit we are having problems paying out the pensions. they are bankrupting. >> the pblem is that los angeles is not the place. and it is a ballot initiative. you have front runners that become mayor . they will not support it it was a nonstarter and never going to work in thetave . you have a better chance of succeeding. >> at least it was a plan . it is no law that said you cannot change 401 k's. that is future and new hires and for their plans. you don't have ill defed benefits and by the way the private sector doesn't get. there is a pension liabity in the state of the california. vicki is right. government services are starting to get cut in cities in california . so i tell you, it doesn't cut it when you have things like let's raise the retirement age to age 52. >> the fact is, these
we'll see hikes in taxs and sales tax increases and more worse is bankruptcies. we see that in stockton and san bernardino. we go to court and bankruptcy law versus pension law. you can see current services cut. tax hikes and other lousy outcomes if we don't see reforms. >> you admit we are having problems paying out the pensions. they are bankrupting. >> the pblem is that los angeles is not the place. and it is a ballot initiative. you have front runners that become mayor . they...
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second, state and local taxes paid. that's just a tax shift. instead of raising taxes on you by simply raising them on you, we raise them on you by making our state and local tax bill higher. it'll pound on high tax cities on states which means it'll hit the cities and states by making them less attractive places for people to live. there a political veilance here too. all ten of the highest tax states wept for president obama in 2012 and eight of the lowest tax states were for romney. that would be a particularly tough tax for blue states. them. charitable contributions. this is the most sensitive to tax incentives. you have to live somewhere, you need a home and it is hard it move it a new state because taxes went up. you don't need to give to charity. people give to charity because they want to and also, let's be real, because the government encourages through the tax code. it is reported in bloomberg in 2009 households with incomes of more than $200,000 claimed almost $60 billion in charitable deductions or 20% of total charitable giving in
second, state and local taxes paid. that's just a tax shift. instead of raising taxes on you by simply raising them on you, we raise them on you by making our state and local tax bill higher. it'll pound on high tax cities on states which means it'll hit the cities and states by making them less attractive places for people to live. there a political veilance here too. all ten of the highest tax states wept for president obama in 2012 and eight of the lowest tax states were for romney. that...
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the tax man is coming and he wants to tax everything. there's a long list of everything where the left wants to raise the tax take as of now, monday morning, centers on tax hikes, not spending cuts and certainly not entitlement reform. first to secretary geithner to him and the president, it's all about pushing the republicans to accept tax hikes. >> you know, i can't promise that. that's a decision that lies in the hands of republicans that are now opposing increase in tax rates. if they recognize the reality that we can't afford to extend those tax rates then we have the basis for an agreement for the american people. stuart: other voices on the left are chiming in with tax suggestions and ralph nader says he wants a tax on every single financial transaction including stock trades and he calls it a speculation tax. an editorial in the washington post today calls for an end or at least limits on the deductible for charitable deductions. overwhelmingly the deduction benefits of the wealthy and the rest of the country has to make up the g
the tax man is coming and he wants to tax everything. there's a long list of everything where the left wants to raise the tax take as of now, monday morning, centers on tax hikes, not spending cuts and certainly not entitlement reform. first to secretary geithner to him and the president, it's all about pushing the republicans to accept tax hikes. >> you know, i can't promise that. that's a decision that lies in the hands of republicans that are now opposing increase in tax rates. if they...
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tax. it's generally seen by economists as less damaging than an income tax, it's also more regress i, meaning because it's basically like a sales tax and can be applied to things like food, it will hit lower income people more than upper income people, that's why a lot of democrats don't want to adopt it, even though it's a good way to raise a lot of revenue and crow ating the social welfare state. host: if you had to propredict what's going to happen between now and the end of the year, what would you say? guest: i have a feeling they're very close. host: but congress went home yesterday. guest: the people who matter are here. the aides to boehner and obama are here. they're still working. there are times when even this week thail get frustrated -- they'll get frustrated and stop talking to each other, so i'm not sure if they're talking to each other today or not. but obama said he thinks this could be done in a week and enge he's right. host: there's a feeling about that on the hill? gue
tax. it's generally seen by economists as less damaging than an income tax, it's also more regress i, meaning because it's basically like a sales tax and can be applied to things like food, it will hit lower income people more than upper income people, that's why a lot of democrats don't want to adopt it, even though it's a good way to raise a lot of revenue and crow ating the social welfare state. host: if you had to propredict what's going to happen between now and the end of the year, what...
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i'm offering 98% a tax cut of $2,000 a year. you are the party of lower taxes. are you going to refuse to cut people's tacks? >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> so you have been around this town a long time, you have been in a lot of negotiations, what is there game? what is their thinking as to how they are going to work their will? do they just figure they won, they are going to get what they want? >> i have no idea, chris. if i knew, i would share it with you but i don't think what they are thinking. >> do you think they are being bullies? >> i think they won the election, they must have forgotten that republicans continue to hold the majority in the house. but, you know, the president's idea of a negotiation is roll over and do what i ask. we need to find common ground and we need to find it quickly. >> and again, because you kind of didn't answ
i'm offering 98% a tax cut of $2,000 a year. you are the party of lower taxes. are you going to refuse to cut people's tacks? >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> so you have been around this town a long time, you have been in a lot of negotiations, what is there game?...
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it seems each tax figured on the gross pay after the first one becomes a tax on a tax. guest: you are right that social security taxes are applied based on the total amount of income in terms of your wage income or paycheck. i did not totally understand the second part of the question, but i would say it serves a security payroll taxes are important. they are regressive. they are a flat tax on wages. the other problem with social security taxes is other areas are not subject to social security taxes. income from investments are not subject to that. it used to be 90% of one's income was taxed by social security or hit by the payroll tax. now we're looking at 85%. it will go down to 80%. that is problematic for some security. we looked at how you can make sure more income is hit by social security. it makes things more progressive because it tends to hit people at the higher end rather than the lower end. host: does simpson-bowles eliminate drug pricing? guest: it does not specifically. there have been some changes so that the doughnut hole idea is supposed to go away, bu
it seems each tax figured on the gross pay after the first one becomes a tax on a tax. guest: you are right that social security taxes are applied based on the total amount of income in terms of your wage income or paycheck. i did not totally understand the second part of the question, but i would say it serves a security payroll taxes are important. they are regressive. they are a flat tax on wages. the other problem with social security taxes is other areas are not subject to social security...
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that includes a 3.8% tax for obamacare. taxes go on and on. so what are advisors telling their clients? the answer is maybe not so much. rick adelman joins me now. this is a letter yu wrote your clients. when i thought was interesting about it is that you don't get a ton of direct advice here. at the end of the day come you don't know what's going to happen. >> that's right, i'm an advisor who can devise because we don't know what the devices would be yet. we have a month before the end of the year. we knew it was going to happen as of january 1, we would be able to say definitively let's capture capital gains and save ourselves money. order, it's definitely not necessary. for the moment, we are saying that we are preparing. we are examining every client accounts so that we are ready to make a move if needed. let's not pull the trigger to set. gerri: one of the things people are concerned about, dividends and dividend paying stocks. wifi on? by southern? what you make of that debate? that is obamacare and that is the law and it is not expiring
that includes a 3.8% tax for obamacare. taxes go on and on. so what are advisors telling their clients? the answer is maybe not so much. rick adelman joins me now. this is a letter yu wrote your clients. when i thought was interesting about it is that you don't get a ton of direct advice here. at the end of the day come you don't know what's going to happen. >> that's right, i'm an advisor who can devise because we don't know what the devices would be yet. we have a month before the end...
SFGTV: San Francisco Government Television
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Dec 2, 2012
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the parking tax. our office would like to thank supervisor campos for carrying that legislation. this follows on the efforts of former supervisors mcgoldrick, dufty >> the parking tax is pretty significant tax for san francisco. it collects a little over $70 million a year in taxes. most of that is appropriated to the mta for transit programs, and so it's a very important tax. the legislation specifically amends how parking bonds are treated. parking bonds are required of operators to protect the city's interest and provide security for the taxes that the operator holds prior to remitting them to the city. so what happens is when you or i go and park in a parking lot, and we make a payment, we're actually paying the tax at that time. and the operator holds onto that and remit it's a month later. since those operators are holding onto those tax dollars on behalf of the city, we do require some security for that. currently there are seven different levels of bonding required based on how much gross rece
the parking tax. our office would like to thank supervisor campos for carrying that legislation. this follows on the efforts of former supervisors mcgoldrick, dufty >> the parking tax is pretty significant tax for san francisco. it collects a little over $70 million a year in taxes. most of that is appropriated to the mta for transit programs, and so it's a very important tax. the legislation specifically amends how parking bonds are treated. parking bonds are required of operators to...
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Dec 6, 2012
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his taxes. if we don't do that, the problem is pressure is on spending even more. i think we need to make the defense cuts. we want to minimize human services cuts. the best way to do that is go back to clinton era taxes. i actually have mixed feelings about striking a deal where the rich folks pay more taxes. i think they should pay more taxes, but i actually think going off clithe cliff is a bet solution than just charging people who make a lot of money what they were paying when bill clinton was president. >> the clinton tax rates worked well, and when you look at where we really are today, although the democrats are playing really tough on these top tax rates, they have conceded about 75% of the tax debate to republicans by agreeing with them on all of the other rates. >> that is true, aalthough there is a matter of timing. you know, i think part of what you have to look at here is it's really hrepublicans who force this conversation about having deficit reduction right now. we shouldn't hav
his taxes. if we don't do that, the problem is pressure is on spending even more. i think we need to make the defense cuts. we want to minimize human services cuts. the best way to do that is go back to clinton era taxes. i actually have mixed feelings about striking a deal where the rich folks pay more taxes. i think they should pay more taxes, but i actually think going off clithe cliff is a bet solution than just charging people who make a lot of money what they were paying when bill clinton...
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income taxes, that we haven't paid more attention to property, state, local, and sales taxes? >> one big reason is this data doesn't exist. we created a model so that we could simulate the way that this tax burden is distributed. there's go government entity that looks at the burden of taxation. there is no centralized data. so people really miss this point. they don't appreciate the extent to which state and local taxes are interacting with federal taxes and really consuming the savings that people otherwise might be getting. it's just a new way of looking at it. >> and there's something that i guess is being called housers law where the idea being no matter where tax rates are, tax revenues as a percentage of gdp are going to remain constant or relatively constant over time. have you been getting pushed back to your story about that concept conce concept? >> well, it's important to understand that's true. whether or not it's a law is another question. it's absolutely true that they've remained pretty stable. the point here is the distribution has changed. relatively speaking
income taxes, that we haven't paid more attention to property, state, local, and sales taxes? >> one big reason is this data doesn't exist. we created a model so that we could simulate the way that this tax burden is distributed. there's go government entity that looks at the burden of taxation. there is no centralized data. so people really miss this point. they don't appreciate the extent to which state and local taxes are interacting with federal taxes and really consuming the savings...
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Dec 1, 2012
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there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim from twitter says -- guest: absolutely. a lot of these credits and deductions, the standard deduction exceeds what you would get, that you just take that. host: the specific credits we have been talking about prompt a question from cindy. guest: yes. you generally have to be working are working outside the home. host: is there an hour requirements? guest: there are a lot of specific requirements. host: kay from richmond, virginia. caller: if somebody is working as hard as they can and making less than $50,000 a year, they count on this refund every y
there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim...
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top tax rates? and i'm also wondering what our final deadline is on this? when do we really have to have a deal? >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table, but revenues that come from closing loopholes, getting rid of special interest deductions, and not raising rates. we think it's better for the economy. pure and simple. secondly, the american people expect us to find common ground, to work together, and to resolve this. and frankly, sooner is better than later. >> you've been doing this for a long time. the past 24 hours, is this the necessary public posturing that needs to go on or is there a serious stalemate right now? >> there's a stalemate. let's not kid ourselves. i'm not trying to make this more difficult. if you've watched me in the last three weeks, i've been very guarded because i don't want to make it harder for me or the
top tax rates? and i'm also wondering what our final deadline is on this? when do we really have to have a deal? >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table, but revenues that come from closing loopholes, getting rid of special interest deductions, and not raising rates. we think it's better for the economy. pure and simple....
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tax the rich first. obama, if he got his taxes on the rich, is still $8 trillion short over the next decade. that's where the energy taxes he's going to present and the value added tax that ultimately turns us into a european welfare state only of that can pay for obama's sized government. >> wow. grover, unfortunately we have to leave it there. our discussion of unicorns will continue, i'm sure, at least up until december 31st. thank you for joining us today as always. >> you got it. >> after the break, offer ver ses counteroffer. we will break both down with ezra klein when he joins us next on "now." i gave birth to my daughter on may 18th, five days later, i had a massive heart attack. bayer aspirin was the first thing the emts gave me. now, i'm on a bayer aspirin regimen. [ male announcer ] be sure to talk to your doctor before you begin an aspirin regimen. [ woman ] learn from my story. but proven technologies allow natural gas producers to supply affordable, cleaner energy, while protecting our env
tax the rich first. obama, if he got his taxes on the rich, is still $8 trillion short over the next decade. that's where the energy taxes he's going to present and the value added tax that ultimately turns us into a european welfare state only of that can pay for obama's sized government. >> wow. grover, unfortunately we have to leave it there. our discussion of unicorns will continue, i'm sure, at least up until december 31st. thank you for joining us today as always. >> you got...
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that is 98% of the american people, getting about 80% of this tax cut shouldn't have their taxes raised. so my suggestion -- it was delivered, by the way, in private and leaked and put in public. but that's fine. i mean, it's certainly what i said. my suggestion was let's take the one area that we agree and take it off the table. >> and -- but just to be clear, though, you actually think -- because this is when i saw your comment what i was so curious about, just from a negotiating standpoint. we had the super committee that failed, now we have the fiscal cliff, right? and if those sorts of deadlines aren't enough to get a deal, if you actually were -- were going to break with your own party or say go ahead, we'll extend them for the middle class, do you actually think that you would be able to negotiate a deal where they didn't go up on the top 2% at the beginning of the year? >> you might be able to negotiate that deal. again, i think a lot of people misunderstand, you know, what's happening with the 98%. number one, i don't think you ever ought to use the american people as, quote, l
that is 98% of the american people, getting about 80% of this tax cut shouldn't have their taxes raised. so my suggestion -- it was delivered, by the way, in private and leaked and put in public. but that's fine. i mean, it's certainly what i said. my suggestion was let's take the one area that we agree and take it off the table. >> and -- but just to be clear, though, you actually think -- because this is when i saw your comment what i was so curious about, just from a negotiating...
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and he's raised tax rates and he was elected based on his tax the rich policy. he says that america is poised to take off and if it doesn't, it's the republicans fault. listen. >> you have the u.s. chamber of commerce hardly an arm of my administration or the democratic party. i think, said the other day, we can't be going through another debt crisis, a debt ceiling crisis like we did in 2011. that has to be dealt with. so, i think businesses are going to be ready to hire. we're seeing pretty strong consumer confidence despite weaknesses in europe and even in asia. i think america is poised to take off. stuart: well, the republicans are set to respond today when speaker boehner goes in front of the cameras. will he show signs of retreat or any sign of compromise? remember, the president wants higher tax rates. will john boehner try to move the line that the president has drawn? we will have it for you live here on "varney & company" starting around ten o'clock eastern. then we have darden restaurants, the parent of olive garden, red lobster. it says its business
and he's raised tax rates and he was elected based on his tax the rich policy. he says that america is poised to take off and if it doesn't, it's the republicans fault. listen. >> you have the u.s. chamber of commerce hardly an arm of my administration or the democratic party. i think, said the other day, we can't be going through another debt crisis, a debt ceiling crisis like we did in 2011. that has to be dealt with. so, i think businesses are going to be ready to hire. we're seeing...
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the payroll tax cuts to expire or minimize taxes to hit some people. high tax residents new york, california may find some of the deductibility of taxes is restricted. all of that is going to have a negative impact on consumption. we have seen the third quarter show that consumption increase is slower than expected. that's going to get accentuated as we go into the new year, which is why i think even if there is an agreement the impact is going to be quite negative. >> jim, you disagree. you call it a mole hill. what do you mean? >> i think it's sold as a cliff as if we're going to fall entirely off and have this massive fiscal tightening next year. what is more likely is a modest tax hike and spending cuts and most things extended and we live to fight for another day. i personally think we will have fiscal cliffs over and over the next several years. if you have a modest fiscal tightening next year, it's nothing new for the economy. we have had 1% for every year of the recovery. the deficit has improved by about 3.5% in the first 3 1/2 years of the re
the payroll tax cuts to expire or minimize taxes to hit some people. high tax residents new york, california may find some of the deductibility of taxes is restricted. all of that is going to have a negative impact on consumption. we have seen the third quarter show that consumption increase is slower than expected. that's going to get accentuated as we go into the new year, which is why i think even if there is an agreement the impact is going to be quite negative. >> jim, you disagree....
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and there is no net rise in taxes today. any taxes increased are offset by taxes cut. mr. speaker, in last year's autumn statement we committed the government to maintain the same pace of consolidation for two further years beyond the end of the current spending review into 2015 and 2016-'17. in this year's autumn statement, we extend the consolidation for one further year into 2017-'18. the obr projects that as a result the share of national income spent by the state will fall from almost 48% of gdp in 2009-'10 to 39.5% by 2017-'18. the document shows total managed expenditure will continue to fall and will now be 4.6 billion lower in 2017-'18 than if it had been held flat in real terms. no decision to cut spending is ever easy, but those who object must explain whether instead they would have higher taxes or higher borrowing or both. i also provide further detail of the consolidation plans for 2015-'16, the last year of this parliament. i said two years ago that the correct balance for our fiscal consolidation between spending and tax should be 80 clash 20. i -- 80/20. i
and there is no net rise in taxes today. any taxes increased are offset by taxes cut. mr. speaker, in last year's autumn statement we committed the government to maintain the same pace of consolidation for two further years beyond the end of the current spending review into 2015 and 2016-'17. in this year's autumn statement, we extend the consolidation for one further year into 2017-'18. the obr projects that as a result the share of national income spent by the state will fall from almost 48%...
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Nov 29, 2012
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on the middle class, tax the rich more. there were even calls in that room for higher minimum wages. clearly, no one wants to cut out the safety net that working people are promised for their lives of diligence, using their brains and brawn to build our country. >> mr. prince, republicans claim that the president's plan is bad for small business. why do you think they are wrong? >> let me tell you. the president's plans so far have helped my business. from 2008 to 2011, things were very flat. sales were flat or even down. as the stimulus started to kick in, we started seeing month to month, every month sense late 2010, our sales go up. it is consumers having more can have dense, having more money. obama care was huge. i provide health insurance for all my employees. the aca is underwriting small businesses doing that helped me absorb a huge increase because i have a couple of folks who work for me who are going through some illness problems. >> lee saunders, your members of afscme, will be financially hurt if we go over the
on the middle class, tax the rich more. there were even calls in that room for higher minimum wages. clearly, no one wants to cut out the safety net that working people are promised for their lives of diligence, using their brains and brawn to build our country. >> mr. prince, republicans claim that the president's plan is bad for small business. why do you think they are wrong? >> let me tell you. the president's plans so far have helped my business. from 2008 to 2011, things were...
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, just not the tax rate. the president said no and came back and moved the goal posts and wants 1.6 trillion. >> it's like lucy pulling away the football from charlie brown. the president is now asking for twice the amount of increase in taxes that he campaigned on. really, the proposal that tim geithner brought to capitol hill is one that i believe the democrats one-point even support if put to a voight. the increase in taxes in over $200,000 of income, the incredible increase in change to the death tax, wanting to have a new credit card with no credit limit to the president so he can additionally just borrow and spend and tax? you go through all of these things. it really never deals with the fumblefundamental problem in our country which is the spending. our problem is not that we're taxed too little, we just continue to spend too much. >> he is asking that the debt ceiling that he has sole control over and how much the debt ceiling can be raised without having to get permission from capitol hill. i mean,
, just not the tax rate. the president said no and came back and moved the goal posts and wants 1.6 trillion. >> it's like lucy pulling away the football from charlie brown. the president is now asking for twice the amount of increase in taxes that he campaigned on. really, the proposal that tim geithner brought to capitol hill is one that i believe the democrats one-point even support if put to a voight. the increase in taxes in over $200,000 of income, the incredible increase in change...
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Dec 3, 2012
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first taxes don't data. what about taxes. his take on the cliff hanger and why investors shouldn't worry about taxes. and dell trade or trap? goldman jumps on the band wagon. 2012 gold rush. why are americans stocking up on gold coins? is it another way to say diversify? we have to get straight to our top story and tonight that is will the cliff ruin christmas? the rhetoric cnbc has the latest including the white house response to the gop proposal. >> just within the past few minutes we have gotten the white house's response to the boehner counter proposal to the white house proposal last week. the white house doesn't like the proposal from bane kpp today. dan fifer saying the republican la letter does not meet the balance and sticks the middle class with the bill. clearly what we are seeing is a negotiation. the white house doesn't like what they have been presented and now the offers and counteroffers will continue to fly and will start to get a little more close to one another. neither one of these as they have been laid o
first taxes don't data. what about taxes. his take on the cliff hanger and why investors shouldn't worry about taxes. and dell trade or trap? goldman jumps on the band wagon. 2012 gold rush. why are americans stocking up on gold coins? is it another way to say diversify? we have to get straight to our top story and tonight that is will the cliff ruin christmas? the rhetoric cnbc has the latest including the white house response to the gop proposal. >> just within the past few minutes we...
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Dec 2, 2012
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>> well, don't tax you, don't tax me, tax the guy behind the tree. >> paul: russell long, former late senator. >> exactly. and what you see here are very wealthy people who can, you know, engineer ways to avoid taxes, meanwhile, what he's-- the medicine he's suggesting for people who are starting to do better, people who say, make $200,000, maybe working their whole life. they're the ones who are going to get hit with the obama taxes and really, i mean, you look at that and you think a normal human being with, you know, would be ashamed of that lack of intellectual honesty, should be. >> it's fascinating economic dri that costco is borrowing the money to pay this dividend. now, usually when companies pay dividends, it's out of earnings, right? >> yes, retained earnings, in this case, they're borrowing, taking on more debt, not to invest in the business in the future growth, but for a one-time equity pay out. >> and to worry about interest rates are low thanks to ben bernanke. >>, but this shows the tax rates combined with very low bore heing costs and instead of investing in growth, y
>> well, don't tax you, don't tax me, tax the guy behind the tree. >> paul: russell long, former late senator. >> exactly. and what you see here are very wealthy people who can, you know, engineer ways to avoid taxes, meanwhile, what he's-- the medicine he's suggesting for people who are starting to do better, people who say, make $200,000, maybe working their whole life. they're the ones who are going to get hit with the obama taxes and really, i mean, you look at that and...
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as i just indicated, it includes a $2 trillion tax increase over ten years, the biggest real-dollar tax increase in u.s. history. it increases taxes on nearly one million small businesses in the middle of a jobs crisis. according to ernst & young, this type of rate hike would cause more than 700,000 americans to lose their jobs. it raises taxes on investment income, harming economic growth even more. it includes tens of billions of dollars in more washington spending in a deal supposedly to cut the deficit. and most outrageous of all, it gives the president of the united states unilateral power to raise the limit on the federal credit card, the so-called debt ceiling, whenever he wants or as much as he wants. and while i'm flattered the administration has taken to calling this the -- quote -- "mcconnell provision" they seemed to have forgotten how this worked in the budget control act. we gave the president the authority then to request a debt ceiling increase, but that was only after the white house agreed to $2 trillion in cuts to washington spending and agreed to be bound by the timi
as i just indicated, it includes a $2 trillion tax increase over ten years, the biggest real-dollar tax increase in u.s. history. it increases taxes on nearly one million small businesses in the middle of a jobs crisis. according to ernst & young, this type of rate hike would cause more than 700,000 americans to lose their jobs. it raises taxes on investment income, harming economic growth even more. it includes tens of billions of dollars in more washington spending in a deal supposedly to...
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Nov 30, 2012
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this is not acceptable, to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. right? that doesn't make sense. megyn: but some house republicans are describing the latest offer from the white house as absurd. they say the president ran on a platform to raise rates on top earners. that would amount to about $800 billion in new tax revenue they say he's now asking for double that amount, close to $1.6 trillion in new taxes. republicans also argue he calls for a balanced approach but asking for about four times as much in tax hikes as there are in possible spending cuts, all of which on the spending cut front would come later: possible spending cuts, all of which on the spending confront will come later. he also wants to permanently do away with the congress approves debt limit, effectively giving himself a blank check to add as much the sequence to a national debt that already stands at $16 trillion. moments ago, speaker of the house speaker boehner saying that the democrats plan is not going to fly. >> the white house took three we
this is not acceptable, to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. right? that doesn't make sense. megyn: but some house republicans are describing the latest offer from the white house as absurd. they say the president ran on a platform to raise rates on top earners. that would amount to about $800 billion in new tax revenue they say he's now asking for double that amount, close to $1.6 trillion in new taxes. republicans also...
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doing a tax cut. give them a big giveaway. the reality, the reality is, the reality the prime minister couldn't get away from, the deficit is going up, not down, on his watch. we all remember the posters which is airbrushed, i will cut the deficit, not the nhs. the facts speak for themselves. he cut the nhs and is not cutting the deficit. >> we are increasing spending on the nhs and we are cutting the deficit. we have cut the deficit by 25%. there are a million more private sector jobs. businesses are starting at higher rate than any time in our history. this economy is on the right track. we are equipping britain for the global race and on like the party opposite we are in the side of people who work hard and want to do the right thing. what is the answer? more borrowing, more spending, more of the things that got us into this mess in the first place. >> mr. speaker, years ago the nhs spent five hundred million pounds on tamiflu without seeing the day on the effectiveness or safety and rather than be
doing a tax cut. give them a big giveaway. the reality, the reality is, the reality the prime minister couldn't get away from, the deficit is going up, not down, on his watch. we all remember the posters which is airbrushed, i will cut the deficit, not the nhs. the facts speak for themselves. he cut the nhs and is not cutting the deficit. >> we are increasing spending on the nhs and we are cutting the deficit. we have cut the deficit by 25%. there are a million more private sector jobs....
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org i mean paid smart sorry paying a smaller tax than my secretary paige. but we knew what it meant yeah yeah listen if a dollar a dollar and we're taxed accordingly and you do that for the so security system and all dollars were taxed equally out of the social security system so security would be solvent forever and a dollar a dollar of the medicare system medicare would be solvent for ever and if a dollar a dollar under the income tax system and that includes corporate dollars we'd be very close to a balanced budget so what's wrong with that idea makes perfect sense to me the conundrum is how do you convey that to the american people after all these years of indoctrination i mean it's amazing i'm on my radio show you know we take calls and i get these you know red state republicans you know people making twenty five thirty thousand dollars a year sharpening chainsaws call and of course you can't raise the taxes on rich people it's going to do away with our jobs i heard it on sean hannity you know it's just what do we see. the same dollars a dollar a dolla
org i mean paid smart sorry paying a smaller tax than my secretary paige. but we knew what it meant yeah yeah listen if a dollar a dollar and we're taxed accordingly and you do that for the so security system and all dollars were taxed equally out of the social security system so security would be solvent forever and a dollar a dollar of the medicare system medicare would be solvent for ever and if a dollar a dollar under the income tax system and that includes corporate dollars we'd be very...
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Nov 30, 2012
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that comes through smart tax policy, not dumb tax policy. melissa: but they always say, if you don't, the wealthy won't miss it. they will just pay a little bit more. it is fair their share. it will help close the gap. how do you respond to that? >> all of that money is locked up into productive activity whether in a business or the stock market or somewhere else. so the more that you tax that income, that means there's less investment, there's less for the business. there is less for hiring. it has to come from somewhere. it is not a costless exercise and ultimately that trickles down to workers through lower productivity and lower wages. that is bad for everybody. that means lower standards of living for everybody. melissa: bob, is there mon difference between money in the hands of the government and money in the hands of the private sector. >> certainly the private sector is better productively. melissa: how do you know that? >> how do i know that? you see that in economies where private sector activity do more productive over time than e
that comes through smart tax policy, not dumb tax policy. melissa: but they always say, if you don't, the wealthy won't miss it. they will just pay a little bit more. it is fair their share. it will help close the gap. how do you respond to that? >> all of that money is locked up into productive activity whether in a business or the stock market or somewhere else. so the more that you tax that income, that means there's less investment, there's less for the business. there is less for...
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tax rates. tax rates. tax rates, tax rates. like tourettes. that is all they want. >>neil: member the middle ground they rumored about last week, maybe not 39.6 percent the top rate, but mid-30's but regardless you think the rate will change. >>guest: i am pessimistic short run and long run. there is in reason why they should go up but i think they will. we need to just limit the growth of spending to 2.5 percent a year on average and the fight is about taxes going up so that spending can go up and that is a game leapfrog. we end up with more debt and a weaker economy. the road map is greece, italy, spain, all over europe but the president thinks you can tax-and-spend your way to prosperity. >>neil: what the administration throws back on the issue is take a look at italy and greece, austerity has worked. you say what? >>guest: they have a strange definition. alwaysst either to them means higher taxes in europe and the united states austerity means less spending. i am in favor of the right definition of austerity. the balkan countries got out of the mess and now they
tax rates. tax rates. tax rates, tax rates. like tourettes. that is all they want. >>neil: member the middle ground they rumored about last week, maybe not 39.6 percent the top rate, but mid-30's but regardless you think the rate will change. >>guest: i am pessimistic short run and long run. there is in reason why they should go up but i think they will. we need to just limit the growth of spending to 2.5 percent a year on average and the fight is about taxes going up so that...
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Dec 7, 2012
12/12
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CNBC
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i am a flat tax guy. what i don't get is why the united states wants to imitate the mistakes of western europe, jim pethokoukis. that's what i don't get. you get the last word. >> i think it's stunning and i hope we learn from yoour mistak as quickly as they did in great britain. >>> who needs to wait for a recession? our next guest says we may already be in one and it started way back in july. think about that. recession last july. stay with us. he'll defend his position. r ] when this hotel added aflac to provide a better benefits package... oahhh! [ male announcer ] it made a big splash with the employees. [ duck yelling ] [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ...forbusiness.com. ♪ ha ha! it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. >>> we've got some more breaking news for you. the michigan
i am a flat tax guy. what i don't get is why the united states wants to imitate the mistakes of western europe, jim pethokoukis. that's what i don't get. you get the last word. >> i think it's stunning and i hope we learn from yoour mistak as quickly as they did in great britain. >>> who needs to wait for a recession? our next guest says we may already be in one and it started way back in july. think about that. recession last july. stay with us. he'll defend his position. r ]...
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Nov 29, 2012
11/12
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CSPAN
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we can raise tax revenue by simplifying the tax code, not increasing tax rates. we can address wasteful government spending that jeopardize an hour commitments in the national defense and protecting our most honorable. we can jump-start our economy by assuring americans that congress and the president can work together to get the job done and deal courageously with the pressing problems of today. when it comes to the fiscal cliff, the president and congress will either fail together or we will succeed together. there is nothing in between. i am confident that we can pass the test and do what is good and right for the american people. >> the president has been talking a lot about taxes lately, and as acpa who practiced for years and a member of ways and means committee, there is no one who likes to talk about tax more than i do. but let's be honest -- talking about taxes is not going to solve the problem that america faces. we have to turn to the spending side of the ledger. furthermore, his tax proposal will kill about 700,000 jobs and do harm to the economy, aga
we can raise tax revenue by simplifying the tax code, not increasing tax rates. we can address wasteful government spending that jeopardize an hour commitments in the national defense and protecting our most honorable. we can jump-start our economy by assuring americans that congress and the president can work together to get the job done and deal courageously with the pressing problems of today. when it comes to the fiscal cliff, the president and congress will either fail together or we will...
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Nov 29, 2012
11/12
by
CURRENT
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eye 112
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tax cut by reenacting the current tax rates for 98% of americans. that kind of logic only makes sense in washington. in my view, we ought to come to some responsible bipartisan broad agreement now and save all of the chaos and save all of the press coverage of the next five weeks. but we may well not get there. it is better for us to go over the cliff than for the democrats to again agree to a deal in which entitlements get slashed and vital supports for low income seniors, for the disabled, for children who are vulnerable in medicaid get taken away. so that's the bigger dynamic. >> bill: amen to that. i'm going to ask you for 30 seconds, we're right up against the clock. you mentioned this word so i have to ask you. will we get filibuster reform? >> i'm optimistic. we've had some very serious conversations in caucus about it. leader reid has fundamentally changed his view from two years ago when we discussed it before. the proposals that the democrats have put on the table for rules reform are modest and responsible. it is essentially this. if you'
tax cut by reenacting the current tax rates for 98% of americans. that kind of logic only makes sense in washington. in my view, we ought to come to some responsible bipartisan broad agreement now and save all of the chaos and save all of the press coverage of the next five weeks. but we may well not get there. it is better for us to go over the cliff than for the democrats to again agree to a deal in which entitlements get slashed and vital supports for low income seniors, for the disabled,...
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Dec 3, 2012
12/12
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CURRENT
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$2,000 more in taxes. we will give a tax increase. we will raise taxes on 98% of americans unless you give us another tax break for our buddies and millionaires and billionaires, the top 2% in the country. you can't blame even mitch mcconnell any more. it's john boehner who is standing in the way. he did so again the republicans give this babble. the president says what's your plan? what do you want to cut? close loopholes. what loopholes? they won't say. to them, nothing. a detailed plan versus nothing. you've got a existed in in president obama versus a lose her in john boehner. and here is boehner again yesterday, on fox news sunday saying, when he looked at the president's proposal, oh my god. >> i was flabbergasted. >> flabbergasted. >> he can't be serious. i just have never seen anything like it. we've got seven weeks between election day and the end of the year three weeks have been wasted with the nonsense. who is flabbergasted anymore? have you ever heard that word? >> peter: an old word. >> 1920s
$2,000 more in taxes. we will give a tax increase. we will raise taxes on 98% of americans unless you give us another tax break for our buddies and millionaires and billionaires, the top 2% in the country. you can't blame even mitch mcconnell any more. it's john boehner who is standing in the way. he did so again the republicans give this babble. the president says what's your plan? what do you want to cut? close loopholes. what loopholes? they won't say. to them, nothing. a detailed plan...
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Dec 4, 2012
12/12
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CSPAN
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tax. >> anyone want to weigh in on these? david, i see you smiling down there. >> i was waiting for judd to jump in. he is the one that convinced me. >> ultimately, i think have gotten more than they can handle. the revenue targets the needs to reach, the spending targets they need to reach now knocked enormous, but if you look down the road, in particular at health care spending, given the discussion we had before, we can do everything we want to try to control health-care spending, but another way to help control health care spending is earmarked a value-added tax toward revenue which would have an immediate link between how much was spent, how much people have to pay in taxes, it would eliminate their repressivity of that, and it would inoculate the deficit from uncertainty about health-care reform. health care reform will take a long time. it is more complicated than tax reform. we have had one major tax reform in the last 50 years, thanks to senator packwood and others. we cannot wait
tax. >> anyone want to weigh in on these? david, i see you smiling down there. >> i was waiting for judd to jump in. he is the one that convinced me. >> ultimately, i think have gotten more than they can handle. the revenue targets the needs to reach, the spending targets they need to reach now knocked enormous, but if you look down the road, in particular at health care spending, given the discussion we had before, we can do everything we want to try to control health-care...
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Nov 29, 2012
11/12
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CNNW
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i think it is a mistake, if it is bad to raise taxes on everybody, it is also bad to raise taxes on 40% of the income. better to leave it in the hands of the people who earned it, leave it in kentucky, and the private sector. >> i understand you don't want to raise taxes on rich, middle class, or anyone. but what about capping deductions, loopholes, stuff like that, are you open to that? >> yes, if it is part of tax reform. and that is why it is not going to happen in this. if we were to lower rates, for example, you could lower the top rate from 35 to 33 and actually get more revenue and get rid of some more deductions at the same time. but i'm not going to vote to bring more revenue to washington. i want less money coming to washington, less money spent up here. and that is how you get the economy to grow. we're not going to have more economic growth. if we send more money to washington, we'll have less economic growth. >> if all the republicans hold firm to that position, you just spelled out in significant detail, there is not going to be a deal, you know, between now and december 3
i think it is a mistake, if it is bad to raise taxes on everybody, it is also bad to raise taxes on 40% of the income. better to leave it in the hands of the people who earned it, leave it in kentucky, and the private sector. >> i understand you don't want to raise taxes on rich, middle class, or anyone. but what about capping deductions, loopholes, stuff like that, are you open to that? >> yes, if it is part of tax reform. and that is why it is not going to happen in this. if we...
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Dec 6, 2012
12/12
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MSNBC
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a tax cut delayed i argue is a tax cut avoided. joining me with the republican defense highly tauted fan of the eagles, ed rendell and alex wagner of msnbc's "now." governor, i want you to read what's going on here. first speaker boehner defended the gop's tax proposal saying it does take a bite out of the rich but president obama held firm to tax rate hike on the wealthiest. let's listen to the back and forth. >> revenues we're putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates, which we believe will harm our economy. >> let's allow higher rates to go up for the top 2%, that includes all of you, yes. but not in any way that's going to affect your spending, your lifestyles, or the economy in any significant way. let's make sure that 98% of americans don't see it -- a single dime in tax increases next year. >> so, john boehner, the speaker for the republican party in
a tax cut delayed i argue is a tax cut avoided. joining me with the republican defense highly tauted fan of the eagles, ed rendell and alex wagner of msnbc's "now." governor, i want you to read what's going on here. first speaker boehner defended the gop's tax proposal saying it does take a bite out of the rich but president obama held firm to tax rate hike on the wealthiest. let's listen to the back and forth. >> revenues we're putting on the table are going to come from, guess...